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FxWirePro: EUR/GBP intraday bias lower, good to go short on rallies

EUR/GBP trades with a slightly bearish bias on an intraday basis. The pair has broken 20-day MA support at 0.8584 on the hourly charts. We see scope for test of 1-hourly 50 MA at 0.8558. Violation there sees next major s…

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FxWirePro: EUR/GBP intraday bias lower, good to go short on rallies
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  • EUR/GBP trades with a slightly bearish bias on an intraday basis.
     
  • The pair has broken 20-day MA support at 0.8584 on the hourly charts.
     
  • We see scope for test of 1-hourly 50 MA at 0.8558. Violation there sees next major support at 0.8550 (trendline).
     
  • EUR calendar remains absolutely data-quiet today, focus on German growth numbers due Friday for fresh momentum.
     
  • Strong resistance seen at 0.8596. Bearish invalidation only on break above.
    ​

Recommendation: Good to sell rallies around 0.8580, Sl: 0.86, TP: 0.8550/ 0.8520
 

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